Cathie Wood warns market correction soon — Price action analysis on S&P 500 [Video]

During the interview with Bloomberg on 18 Dec 2020, Cathie Wood, the CEO and CIO of the ARK Invest, warns about the market correction. Let’s analyze S&P 500 with volume spread analysis and Wyckoff method.

Let’s tackle from the price action analysis for S&P 500 to see if we can spot any tell-tale signs about the market correction. If indeed the correction comes, what sort of percentage and the possible target price can we expect for S&P 500? Watch the video below:

Timestamps

• 1:20 Cathie Wood interview with Bloomberg.

• 2:21 Price action analysis on S&P 500.

• 5:40 Overbought from the up channel.

• 7:30 Acceleration climatic up move.

• 8:10 Two types of market correction.

• 10:20 Market correction percentage.

• 11:35 Target for potential market correction.

• 12:30 Overbought line.

Watch my market analysis video in the last session if you haven’t in order to better relate to the market recap and the trade review.

Bias — neutral (Day trading); bullish (long term).

Key levels — Resistance: 3800; Support: 3720, 3670–3680.

Potential setup — Look for potential reversal at the key levels.